Improved organizational flexibility for all our customers: Account Holders

Today, we announce a significant new entity of our service: the account holders.

Providing more organizational flexibility

Until now, all our customers have been segregated as individual entities in the service, with their setup and service provision (credentials, management tools and control panel, webhooks, etc.) always 100% separated. The segregated-by-default is a sensible default approach for most customers. However, it's an inconvenient setup when trying to cover the complex legal structure of some other customers:

An existing customer opens a new legal entity in another country and wants to integrate its money flows into its current integration.
A Devengo partner wants to add a new customer to the portfolio of managed companies.
To solve these situations and increase our customers' flexibility in designing the organizational structure that best suits them, we are announcing today a new concept: account holders.

Account Holders

This new concept represents a legal entity linked to a customer. With the new API endpoints, you can create a new account holder, and by providing just some basic info about the new entity, you will kickstart the KYB process that our compliance team must conduct to provide the payment services.

This process will be similar to the one you went through when your production system was first set up. If everything is ok from a regulatory point of view, the process will end with the activation of the new account holder (you will receive the corresponding webhooks at each stage of the process).

With the new account holder activated, you can create new accounts linked to it. The account holder will, therefore, be the sole legal owner of these accounts and all the funds on them.

As all the account holders live under a customer's umbrella, you can operate all of them under a consolidated setup. That means managing all money flows with a single set of credentials, webhooks, payment limits, etc.

Existing customers

If you are already using our service, you don't have to do anything, as we have created a default account holder with the information you gave us during your KYB process.

This account holder will always be used as default if you don't explicitly provide one on the account creation call. Hence, its operation is retro-compatible with your existing active integration, and you can keep using the same process you are already using. There will new webhooks events available related to the account holders and you can update your existing webhooks to subscribe to them if you want to.

If your business case does not require managing more than one legal entity, you can 100% keep using Devengo as you have done until now. If you need extra flexibility to accommodate your business structure, you can do it very easily now. Win-win!

The functionality of Account Holders -endpoints, documentation, control panel- will be released on February 19th.

We will keep improving this new entity to give you increased control over the design of your perfect payment infrastructure. Stay tuned!